Maria Rigatti, Executive Vice President and Chief Financial Officer of Edison International (NYSE:EIX), recently executed a sale of company stock, according to a recent SEC filing. On November 4, Rigatti sold a fractional share of Edison International's common stock, totaling $74 at a price of $80.51 per share. This transaction was described as the liquidation of a fractional share due to a transfer between broker accounts. Following this transaction, Rigatti holds 57,322 shares, which includes shares in a family trust and an IRA.
In other recent news, Ladenburg Thalmann downgraded Edison International's stock from Neutral to Sell due to concerns about the company's ability to achieve its long-term earnings per share (EPS) growth target. The firm also adjusted the price target on the stock to $73.50, a decrease from the previous target of $87.00. This revision was triggered by uncertainties regarding the company's financial goals, particularly as earnings expectations for 2025 now include an increased contribution from operational variances.
Furthermore, Edison International recently reported a core earnings per share (EPS) of $1.51 for the third quarter of 2024, with a year-to-date EPS of $3.88. The company has also revised its 2024 core EPS guidance to a range of $4.80 to $5.00. These recent developments include a recovery of approximately $4.5 billion since 2021 and plans for a $1.6 billion securitization after the TKM settlement agreement.
In addition, the company anticipates electric rates to align with local inflation from 2024 to 2028 and a decrease in the total energy bill for customers by 2045. Edison International also sees growth in smaller data centers in California, particularly in AI-related applications. The timeline for the Woolsey case suggests a potential settlement discussion in about 18 months.
InvestingPro Insights
While Maria Rigatti's recent sale of a fractional share in Edison International (NYSE:EIX) was relatively minor, it's worth examining the company's current financial position and market performance to provide context for investors.
According to InvestingPro data, Edison International boasts a substantial market capitalization of $31.74 billion, reflecting its significant presence in the utility sector. The company's revenue for the last twelve months as of Q3 2024 stood at $17.32 billion, with a notable revenue growth of 4.04% over the same period.
One of the key strengths of Edison International is its commitment to shareholder returns. An InvestingPro Tip highlights that the company has raised its dividend for 18 consecutive years, demonstrating a strong track record of increasing shareholder value. This is further supported by the current dividend yield of 3.81%, which may be attractive to income-focused investors.
However, it's important to note that Edison International operates with a significant debt burden, as pointed out by another InvestingPro Tip. This factor should be considered when evaluating the company's financial health and future growth prospects.
The stock's performance has been robust, with a one-year price total return of 33.87% as of the latest data. This outperformance suggests that investors have been optimistic about the company's prospects, despite some challenges in the utility sector.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for Edison International. These tips can provide a deeper understanding of the company's financial position and market outlook.
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